Cash Practice doesn't offer third-party financing, as we find the best practice is for providers to offer in-house payment processing. In contrast to third-party financing, in-house processing allows providers to keep more of the revenue from their care plans, ultimately leading to more competitive pricing for their patients. Additionally, it avoids the lengthy applications and extended payment terms often associated with third-party financing.

Here's the key benefit: With in-house processing, treatment costs are settled within the timeframe of the actual care plan. This eliminates the burden of ongoing payments to a third-party company when it's time to transition patients to wellness care. We've found that lingering debt from third-party financing can strain household budgets, making it harder for patients to commit to ongoing wellness programs. The in-house approach ensures a smoother transition and sets patients up for long-term success.

Here's a breakdown of third-party financing in healthcare:

  • Involvement: A separate company, not the doctor's office, manages the loan and repayment process.
  • Benefits: It can make expensive treatments more accessible to patients by spreading out the cost.
  • Drawbacks: Interest charges can add a significant burden to the overall cost. Approval processes can be lengthy. Payments can extend beyond the treatment period, potentially impacting budgets for future care.

Cash Practice Systems recommends that providers avoid third-party financing for these reasons:

  • Cost Control: We believe in-house processing allows doctors to offer more competitive pricing by keeping a larger share of the treatment cost.
  • Streamlined Experience: In-house processing avoids the complex application process and extended repayment terms associated with third-party financing.
  • Focus on Wellness: Cash Practice Systems prioritizes transitioning patients to wellness care. We've observed that lingering debt from third-party financing can make it harder for patients to afford ongoing wellness programs.

Additional Information:

  1. The finance companies send a bill in the mail to your patient. This reminds the patient every month that they "owe" you money. The more often they think about money, the less often they stay. This is why we recommend auto-debiting with their credit card or by bank EFT.
     
  2. Third-party financing companies, like Care Credit, cannot be used for chiropractic services that have not been rendered. It can only be used on a per-visit basis. *Since Oct. 2009.
     
  3. When it's time to transition the patient to the next phase of care, they have a new purchase decision to make, as they are still making payments to the financing company.
     
  4. Working with a third-party financing company requires a separate terminal.